What are the best practices for researching industry standards to negotiate a better salary package?

1 Use multiple sources

One of the first steps to researching industry standards is to use multiple sources of information and compare them. You can start with online tools, such as salary calculators, surveys, and reports, that provide data on average salaries, ranges, and trends for different positions and industries. However, you should also supplement these with offline sources, such as networking, mentors, recruiters, and industry associations, that can offer more insights and context on the current market conditions and expectations. By using multiple sources, you can get a more accurate and comprehensive picture of the industry standards and avoid relying on outdated or biased data.

2 Adjust for factors

Another important step to researching industry standards is to adjust for factors that can influence the salary package, such as your experience, skills, qualifications, performance, and achievements. You should also consider the size, reputation, culture, and location of the employer, as well as the demand, supply, and competition for your role. These factors can affect how much you can negotiate and what kind of benefits and perks you can expect. For example, you may be able to ask for a higher salary if you have a rare or specialized skill, work in a high-cost area, or join a fast-growing or profitable company. Conversely, you may have to settle for a lower salary if you have less experience, work in a low-cost area, or join a struggling or non-profit company.

3 Customize your package

A final step to researching industry standards is to customize your package according to your needs, preferences, and goals. You should not only focus on the base salary, but also on the other components of the package, such as bonuses, commissions, stock options, health insurance, retirement plans, vacation days, and education allowances. You should also think about the non-monetary aspects of the package, such as flexibility, autonomy, recognition, growth opportunities, and work-life balance. You should prioritize what matters most to you and what you are willing to trade-off or compromise on. By customizing your package, you can negotiate a better deal that aligns with your values and aspirations.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?